The Mortgage Files

Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.

why your mortgage goals why not happen

Getting a mortgage is still not an easy process

By Scott Sheldon / August 25, 2016

Well it might appear as though getting a mortgage is easier than it was a few years ago, the process is still dicey.  It is no secret in the industry the majority of loans do not close on time. Here’s what you need to know if you’re going to be getting a mortgage in the…

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3 things you will not like about today’s mortgage process

By Scott Sheldon / July 19, 2016

These things about today’s mortgage loan process will drive you crazy. Know what lenders will want…. Patriot Act This says lenders do not make loans to drug dealers, money launderers or terrorists.  Obviously, 99.9% of today’s mortgage loan borrowers are completely on the up and up. However, this does not change the fact mortgage lenders…

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The new way to buy a house in Sonoma county

Can you really afford the home? Here is what banks will not share

By Scott Sheldon / June 21, 2016

Just because the bank will let you buy more does not mean you should. Be a well informed home buyer by taking the following tips into consideration when making the big ticket decision… Banks are for profit. They make money by making loans and it is up to you the consumer to decide when, how…

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How saving plays a role in your home buying plan

By Scott Sheldon / June 14, 2016

Saving up to buy a home is no easy feat. Here’s what you should take into consideration when planning out a home purchase. One of the key components of being able to successfully buy a home is having enough cash for a down payment plus closing costs. Generally, you’ll need at least $20,000 to buy…

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you do not need tax returns to get a mortgage

Yes you don’t need tax returns to get a mortgage

By Scott Sheldon / May 16, 2016

If you were planning to buy a home or refinance one you already own, expect a lot of paperwork. Here’s one thing you probably didn’t know – tax returns are not required all the time. Are you self-employed or W-2? If you are a W-2 wage earner there is lower likelihood for needing to provide…

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Can you benefit from an adjustable rate mortgage?

By Scott Sheldon / February 12, 2016

Most people who apply for mortgages base their decision on how much they can afford while keeping costs low and manageable. Here are some things to consider if you’re looking at a shorter-term financial picture… Fixed Rate vs. ARM The mortgage king is still the plain old 30 year fixed rate. On such a mortgage…

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How Mortgage Interest Works

By Scott Sheldon / October 9, 2015

Mortgage interest is a double edge sword, on one hand it’s a tax-deductible expense, but by and large it is the heaviest cost of homeownership. What to pay attention to if you have not done a mortgage in a few years or bought a home before. Interest Works The Opposite Of Rent The amount of…

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Why Applying For A Mortgage Does Not Automatically Tank Your Credit Score

By Scott Sheldon / March 8, 2015

There is a fair amount of misconception that applying for a mortgage causes your credit score to drop each time. Not the case. The sole act of having your credit report in conjunction with submitting a loan application to a mortgage company does not automatically constitute a reduction in your credit score. Here’s the skinny……

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